Karen Bellas

Short Sales: Use the Market to Your Advantage

Learn what you can about short sales so that you can take advantage ot the great deals available.

If you have been looking at the real estate market, I'm sure you have become aware of that many of the homes up for sale are listed as short sale. Buying a home for under the amount that is owed on the home is called a "short sale." In the current real estate market, there are many short sale alternatives available to a potential home owner. Adjustable rate mortgages and less favorable economic times have caused higher than average foreclosure rates. If you are in the market to buy a home, this is a great time to exploit the market to your own benefit. With some thorough investigation and a flexible attitude, you may uncover the home of your dreams at exceptional price.

Finding a Short Sale Right Away
 
To jump-start the short sale process, consult with various realtor. Many realtor already are seasoned in dealing with properties that are short sales. Listing agents often have pre-existing association with the bank that is carrying the mortgage. You want to use a realtor that has expertise and knowledge on how to get a property that is a excellent value. Once you decide on a realtor, let him or her know right away that you are looking for a short sale property. This will help the real estate agent find your perfect property more quickly.

Short Sales are Frequently Good Buys

A short sale will often be offered at a great price to the buyer because the bank does not want to have their assets at risk in the property. The lender is vulnerable to losing a considerable amount of money in a foreclosure proceeding. The listing price is low and so you will not have to attempt bargaining with a seller over the price. The bank wants the property sold as quickly as possible to eliminate losing any more money.

Things to Expect When Buying a Short Sale Property

The process of buying a property in a short sale is not the same as purchasing a home from an individual because you working with an corporation instead of a person. After the bank accepts your offer, the title company associated with the bank will process all of the title and escrow particulars of the purchase agreement. In a short sale, as a buyer you have to proceed quickly. The title company and the bank may not act as quickly owing to the large volume of paperwork involved in selling a property in this manner.
 
To speed up the process of buying a home in a short sale, get all of the requested documentation in as quickly as you can. Generally there is a month or so before your closing date but that does not mean that nothing is going on. There is a complicated behind the scenes process involved in the mortgage paperwork and the transfer of the property. Stay in contact with your lender and recognize that you are dealing with a corporation and not an individual so the process will be a little longer. The time waiting for the closing will slide by, and you will be in a fantastic new home.

Article Tags: Real Estate, Short Sale

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